Lucio Tan’s daughter steps down as Eton COO

MANILA, Philippines (Updated 9:44 a.m., Feb. 12) — Lucio Tan’s daughter Karlu Tan-Say has stepped down as chief operating officer (COO) of Eton Properties Philippines, sources told The STAR.

This comes just two years after she was appointed to the position in December 2019, marking yet another movement in the Tan empire.

Tan-Say, who has had other roles in conglomerate, was appointed to the position after her brother Lucio “Bong” Tan Jr. died in November 2019. Bong was president of Eton Philippines.

Tan’s son-in-law Ramon San Pascual was appointed president and CEO in 2019 while Tan-Say was named COO. Eton has not made any statement on the departure of Tan-Say.

Tan-Say started her career as an account executive for Banquet Sales at Century Park Hotel. She has a management degree from the Ateneo de Manila University and is a Magna Cum Laude in Interior Design from the Fashion Institute of Design & Merchandising in San Francisco, California.

Eton Philippines is the property arm of the Lucio Tan Group. It is a subsidiary of LT Group Inc., Tan’s listed conglomerate, together with Philippine National Bank, Tanduay Distillers Inc., Asia Brewery and Fortune Tobacco which is a partner in PMFTC.

In the  nine months to September 2021, Eton Properties reported a net income of P367 million, 42 percent lower than the P633 million recorded the previous year, as residential unit sales and leasing income declined.